Toyota earnings jump on sales, yen

The No. 2 automaker cites strong sales in North America, Europe; keeps its forecast for full-year record operating profit.

Toyota Motor Corp. posted a near-20 percent rise in quarterly profit Tuesday on brisk sales in North America and Europe, and kept its forecasts for an eighth straight year of record earnings intact.

Japan's top automaker is cruising past rivals at home and abroad, riding a reputation for making energy-efficient cars, boosted by the halo effect from its popular Prius hybrid and backed by a steady stream of new or refreshed products such as the RAV4 crossover, Lexus LS and Camry sedans.
 
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Toyota's results confirmed its lead over domestic rivals Honda Motor Co. and Nissan Motor Co., which announced disappointing quarterly results last week.

Toyota is storming the United States market, the world's biggest, winning sales from General Motors Corp. and Ford Motor Co. , both of which are undergoing painful restructuring. GM, Ford and Chrysler all lost market share to Asian brands last year.

Last month, Toyota snatched the No. 2 spot in the U.S. market from Ford with an adjusted 5 percent increase in sales. The Camry was again the top-selling car in the U.S. last year.